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OFX vs. TransferWise

Get your cash where it needs to go in one to two days with no fees.


Fact checked

OFX has been in the money transfer business for 17 years. It serves a diverse range of needs for people and businesses managing payments abroad, offering strong exchange rates and charging no transfer fees for transfers of $1,000 per year or more.

Established in 2011, TransferWise uses the mid-market rate to send transfers of up to $199,999.

Compare OFX to TransferWise

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$1,000 1 day USD 0.00 0.828 EUR 4,138 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Show details
$1 1 - 2 days USD 40.00 0.836 EUR
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

Compare up to 4 providers

How they work?

To use either OFX or TransferWise, you’ll need to create a free account, but it’s easy to set one up as part of your transfer. With TransferWise, you can also sign in with an existing Google+, Facebook or PayPal account.

With OFX, you go to its site, enter how much money you’re transferring and either send your funds to an OFX account or link your bank account so OFX can pull funds directly. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.

For TransferWise, you go to its site, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, money is pulled from your bank account and matched to a sender.

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Who offers lower fees?


OFX charges no transfer fees when sending $1,000 or more around the world.


With TransferWise, fees depend on where and how you’re sending money. They range from 0.55% to 2.35% of your transaction — and sometimes a bit higher, plus a fixed fee depending on the currency you’re transferring to. To send $1,000 to China, you’ll pay 1.1% of your transaction (or $12) plus a fixed fee of $8; to the Philippines, the fee drops to 0.75% ($7.50) plus a fixed fee of $3.50. You can easily find out what you’ll pay by visiting its “How much does TransferWise cost?” page.

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Winner: OFX

TransferWise’s fees are among the lowest in the industry. But OFX’s transparency and $0 fees for all transfers make it the clear winner.

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Who offers better exchange rates?

To understand who offers better exchange rates, you need to first look at the mid-market rate. The mid-market rate is the average of the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.

We’ll look at the rates OFX and TransferWise offer compared to the mid-market rate.


A typical exchange rate at OFX is about 0.4% above the mid-market rate — a competitive rate any way you look at it.

So if you need to send $1,000 to the Philippines:

  • If the mid-market rate is 1 USD = 49.74 PHP
  • OFX’s exchange rate could be 1 USD = 48.88 PHP


Exchange rates is where TransferWise shines. It’s one of the only money transfer services that offers you the mid-market rate. So if you’re sending $1,000 to the Philippines and the mid-market rate is 1 USD = 0.82 EUR, that’s the rate you’re going to get.

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Winner: TransferWise

Though OFX and TransferWise offer similar competitive rates, there’s no denying the power of paying the mid-market rate.

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Case Study: Sending $1,000 to Mexico

Say you want to send $1,000 to buy office equipment for a business expansion in Mexico City. Here’s what an online bank-to-bank transfer would look like with OFX and TransferWise.

OFX TransferWise
Transfer fee $0 $8.19
Exchange rate 1 USD = 21.525 MXN 1 USD = 21.529 MXN
Transfer speed Up to 4 business days (1–2 to OFX, 1–2 to recipient) 1–4 days
Total received 21,525 MXN 21,352 MXN

This one is a close call. While you could shave some time off the transfer speed with TransferWise, you save nearly $10 on the transfer fee alone by going with OFX. The difference between exchange rates, however, is too minimal to weigh.

Send money internationally with TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

  • Fair service fees and mid-market rates – a major market differentiator
  • Next-day delivery for most currencies
  • Easy-to-use app

Who’s faster?


To transfer your money to OFX, it takes one to two business days. It takes another one to two days to send that money from OFX to your recipient. You’re looking at least two business days to complete a transaction from send to receipt.


Depending on the currencies involved and your payment method, it could take up to four business days for your recipient to see your cash.

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Winner: Tie

Your average transfer may take about the same time with both services.

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Who offers more options?

Payment Methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
OFX Electronic funds transfer (EFT) $1,000 minimum per year; no maximum Bank transfer 1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient 195 countries and 55 currencies (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)
TransferWise Bank account $1 minimum; $36,000 maximum Bank account 1–4 days Nearly 40 currencies
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Bottom line

When it comes to international money transfers, both OFX and TransferWise are forces to be reckoned with. It’s too close to call which is better for your situation. Ultimately, you’ll need to weigh your specific details or compare further options to find the service that’s right for you.

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